Intuit Slashes 17% of Workforce Amid AI Push

Intuit, known for its financial software like TurboTax and QuickBooks, is bracing for substantial workforce reductions. The company is reportedly laying off approximately 17% of its employees worldwide, a decision stemming from a directive to simplify operations and enhance focus on strategic priorities. This includes significant investments in artificial intelligence.

CEO Sasan Goodarzi communicated that streamlining the company's structure is essential for delivering improved products and services. Intuit has recently forged multi-year agreements with AI startups, aiming to embed advanced AI models into its existing offerings.

With a workforce estimated around 18,200, these layoffs could impact more than 3,000 individuals. Intuit shares have experienced a notable decline of nearly 40% on the year, partly attributed to market concerns regarding AI's disruptive potential in the software sector. Impacted employees in the U.S. will see their last day on July 31, receiving a severance package including 16 weeks of base pay and additional weeks per year of service.